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From: TheNextGoogle (Rep: 525)Date: 09/02/2017 14:49
Forum: SeaDrill Limited - Msg #97Thread #673949990 (Rec: 0)
Sec Filing regarding possibility of bk -

"The Company’s liquidity requirements relate to servicing debt amortizations, interest payments, and funding working capital requirements. Sources of liquidity include existing cash balances, short-term investments and contract and other revenues. We have historically relied on our cash generated from operations to meet our short term liquidity needs. However, as a result of the downturn in the offshore industry, we require additional liquidity to fully meet our obligations that fall due within one year after the date the financial statements are issued, given the debt repayments that are due in this period.
Over the past year the Company has been engaged in discussions with its banks, potential new investors, existing stakeholders and bondholders in order to restructure its secured credit facilities and unsecured bonds, and in order to raise new capital. The Company expects the implementation of a comprehensive restructuring plan will likely involve proceedings under Chapter 11 of the United States Bankruptcy Code.
Although discussions are well advanced and significant progress has been made, until such time our restructuring is completed, uncertainty remains and therefore substantial doubt exists over the Company’s ability to continue as a going concern for twelve months after the date the financial statements are issued."



Total Cash (mrq) 1.46B

Total Debt (mrq) 9.5B


August 24, 2017
Offshore-drilling services provider Seadrill Ltd. said Thursday it will likely file for bankruptcy protection next month as part of a plan to restructure about $10 billion in debt.


- - -

Pepper22 - comment on stock to luv posting the above article
@Stock2Luv you've been living under a rock. Please don't post odd articles.

$SDRL BK?? wsj.com/articles/seadrill-s...


Seadrill says Chapter 11 proceedings likely on or before September 12 Along with the company's report earlier of Q1 results, Seadrill CEO and President Anton Dibowitz said, "Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via Chapter 11 proceedings on or before 12th September 2017. Our business execution remains unaffected by these efforts as demonstrated by continued delivery of excellent safety and fleet uptime. Although the market continues to be challenging, continued operational execution and strong customer relationships has enabled us to re-contract a number of units during the quarter. With a young versatile fleet and upon completion of our restructuring, we will be well placed to capitalize when the market recovers." Seadrill shares are down 25% to 20c in pre-market trading.


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End of Message - My Sig:

Made New Forum - "Computer Tech And "Fix-It Stuff" Forum"


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